Attachments: james16 Chart Thread

james16 Chart Thread

#15,281
Nov 13, 2008 8:15am Nov 13, 2008 8:15am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting bundyraider

Disliked

Hi ALM,

MT4 doesn't support tick charts unfortunately. Would be nice if the new version adds the ability though.

I have access through other sources myself. They are nice to play with. Some days different tick count charts offer great trades too.

Ignored

Is the mt5 in the making, is it really coming??

I believe . . .

#15,282
Nov 13, 2008 8:22am Nov 13, 2008 8:22am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Here is a nice Eur/chf Pin bar on the 4H and while i type this the price just touches a nice area to be considered for a trade.

It's mor of an aggressive approach if i take a trade here, but the level of confleunce makes it just so appealing...

confluence number 1) the 1.49 ppz

confluence number 2) the 61.8 ret of the pin bar itself

confleunce number 3) the high of the left eye

all of these combined with the nice shape of the pin bar gives a real positive signal does'nt it??

Attached Image(s) (click to enlarge)

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I believe . . .

#15,283
Nov 13, 2008 8:44am Nov 13, 2008 8:44am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting ghous

Disliked

Here is a nice Eur/chf Pin bar on the 4H and while i type this the price just touches a nice area to be considered for a trade.

It's mor of an aggressive approach if i take a trade here, but the level of confleunce makes it just so appealing...

confluence number 1) the 1.49 ppz

confluence number 2) the 61.8 ret of the pin bar itself

confleunce number 3) the high of the left eye

all of these combined with the nice shape of the pin bar gives a real positive signal does'nt it??

Ignored

EDIT: we have seen almost a 100% retracment of the pin bar, setup failed...

I believe . . .

#15,284
Edited 9:24am Nov 13, 2008 8:54am | Edited 9:24am

Betard
| Joined Nov 2007 | Status: Trader | 145 Posts

Looking for break to downside and retest for entry on Aus/Usd for continuation of the trend. Looks like there's a lot of room to fall for this one.

Edit: Broke up instead of down so no trade.

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#15,285
Nov 13, 2008 9:16am Nov 13, 2008 9:16am

kptMisiu
| Joined Nov 2006 | Status: Trader | 64 Posts

Quoting ghous

Disliked

Here is a nice Eur/chf Pin bar on the 4H and while i type this the price just touches a nice area to be considered for a trade.

It's mor of an aggressive approach if i take a trade here, but the level of confleunce makes it just so appealing...

confluence number 1) the 1.49 ppz

confluence number 2) the 61.8 ret of the pin bar itself

confleunce number 3) the high of the left eye

all of these combined with the nice shape of the pin bar gives a real positive signal does'nt it??

Ignored

Hey Ghous,

as I was in the opposite trade(long) here I wanted to give you a hint. I think you wanted to play this trade as a retrace from the breakout of your PPZ.
Look to the left, there is a huge BeOB engulfing all the small inside bars. This should give you the sign of warning here and look rather for the break of this PPZ.
Don't force the trades!
All the best.
kpt

#15,286
Nov 13, 2008 9:20am Nov 13, 2008 9:20am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting Almfx

Disliked

Hello JIM!

The chart looks really nice with 2000 Tick Bar. Can the MT4 support this? I would also like some explanations on the difference between J16 pivot zone and Floor trader's pivot (iss'it the normal PPZ?). Thanks for all the support.

ALM

Ignored

Hey ALM

Floor trader pivots or Pivot Points are calculated based on the OHLC. Then a number is spit out and you get your pivot points. Being that forex is NOT centralized, you have a bit of a problem of what numbers to used based on when you consider the daily to open and the daily to close.

The Price Pivot Zone, is what James talks about as a Zone where there is a flip b/w support and resistance. This is an area that we must mark ourselves on our chart.

Floor trader pivots = mathematically caluclated
PPZ = discretionary

Let me know if that makes sense.

Mike

#15,287
Nov 13, 2008 9:26am Nov 13, 2008 9:26am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting bertie123

Disliked

Hi All

I would just like to direct this question to the more experienced members such as Mike, Jarroo etc. What is the minimum number of barscandles necessary for a PPZ on say, a 4hr or daily timeframe? I believe a good understanding of PPZ zones is crucial for PA trading and was wondering if any of you guys have a number in mind, eg 10 or 12 bars etc? Looking at some of the previous charts posted here it seems that some ppz zones only have a few bars.

Any thoughts comments most welcome,

bertie

Ignored

Hey Bertie,

My opinion on this is that it can be anywhere from 2 bars and up. Sometimes you have extremely obvious areas that do not have as many bars in the them. These are more minor areas. The more bars that are bouncing within this zone are going to create a more obvious PPZ area. The better way to start to identify them is to zoom your chart out and look for the obvious areas. As you get better and better the minor ones will jump out to you as well. It honestly becomes something you see automatically, and couldn't ignore if if you liked.

Here is a chart with 2 zones. The first has to very large swing points. The second(lower zone) , is more congestion but you can sill see the reaction

Hope that helps

Mike

edit* doh thanks ghous

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#15,288
Edited 10:12am Nov 13, 2008 10:01am | Edited 10:12am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting kptMisiu

Disliked

Hey Ghous,

as I was in the opposite trade(long) here I wanted to give you a hint. I think you wanted to play this trade as a retrace from the breakout of your PPZ.
Look to the left, there is a huge BeOB engulfing all the small inside bars. This should give you the sign of warning here and look rather for the break of this PPZ.
Don't force the trades!
All the best.
kpt

Ignored

This was not one of the trades i took, i was just watching it somewhat observeing the key things Jim looks for in such trades, i never take pin bar trades excpet the ones on the break of the high/low kind of trades, but since this is also an entry route (i.e taking the trade on a retracment of the pin bar) i am trying to experiment when and how it works, on this occasion the confluence wanted me to believe that 1.49 will hold, i would have taken the trade on the break of the pin had the break occured, but it did not happen ofcaorse...will need to find other instances when such retracement traded are sucesful.

As for this case yes the huge BEOB ingulfing all the recent bars could be a good explanation for the pin failing,

Regards,
Ghous.

I believe . . .

#15,289
Nov 13, 2008 10:20am Nov 13, 2008 10:20am

my30marahaba
| Commercial User | Joined Sep 2008 | 807 Posts

Quoting ghous

Disliked

EDIT: we have seen almost a 100% retracment of the pin bar, setup failed...

Ignored

dear sir,

i think the price to be going down from this level
i'm short from this level ...... 1.5021

rgds,
my30marahaba

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#15,290
Nov 13, 2008 10:27am Nov 13, 2008 10:27am

Almfx
| Joined Oct 2008 | Status: PA Rules !! | 202 Posts

Quoting mbqb11

Disliked

Hey ALM

Floor trader pivots or Pivot Points are calculated based on the OHLC. Then a number is spit out and you get your pivot points. Being that forex is NOT centralized, you have a bit of a problem of what numbers to used based on when you consider the daily to open and the daily to close.

The Price Pivot Zone, is what James talks about as a Zone where there is a flip b/w support and resistance. This is an area that we must mark ourselves on our chart.

Floor trader pivots = mathematically caluclated
PPZ = discretionary

Let me know...

Ignored

Thanks Mike & Ghous

Yes Mike, your explanations definitely makes sense to me, when I mix your explanation with Ghous's. Thanks a million guys

ALM

"""" --- -- - << ..:: ALM ::.. >> - -- --- """"

#15,291
Nov 13, 2008 11:28am Nov 13, 2008 11:28am

bertie123
| Joined May 2007 | Status: Trader | 241 Posts

Hi Guys

Does anyone see the Cable going down to the 1.40 area? There does not seem to be much support until this area if you check the monthly charts. Just wondering if anyone else still bearish on this pair?

PA is where its at!!

#15,292
Nov 13, 2008 1:11pm Nov 13, 2008 1:11pm

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting my30marahaba

Disliked

dear sir,

i think the price to be going down from this level
i'm short from this level ...... 1.5021

rgds,
my30marahaba

Ignored

Hi Marhaba,

would just like to tell you that the fact that price reaches an important confluence zone is'nt all that you need to be looking for to get into a trade. If you do that it's more because you want to be in a trade rather than extract some healthy profits out of one.

Looking at the bullish daily the pin bar seems to be responding perfectly well, and the current daily does'nt suggest anything bearish as yet similiarly nothing on the lower tfs either.

the idea you have is right which is to look for shorts around this 1.49-1.5 region, but don't forget that the bullet won't shoot till you hit the trigger

as of now no PA = no trigger = no trade.

The chart just for your reference...

Attached Image (click to enlarge)

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Name: eurchf pin bar overall.gif
Size: 12 KB

I believe . . .

#15,293
Nov 13, 2008 1:14pm Nov 13, 2008 1:14pm

raczekfx
| Commercial User | Joined Oct 2005 | 2,899 Posts

dow.

.

Attached Image

#15,294
Nov 13, 2008 1:16pm Nov 13, 2008 1:16pm

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting raczekfx

Disliked

dow.

.

Ignored

Jeez! Love that pin bar! I don't trade the Dow Jones but that really is a nice nice nice one! Enjoy it Raczek...

Regards,
Ghous.

I believe . . .

#15,295
Nov 13, 2008 1:21pm Nov 13, 2008 1:21pm

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting bertie123

Disliked

Hi Guys

Does anyone see the Cable going down to the 1.40 area? There does not seem to be much support until this area if you check the monthly charts. Just wondering if anyone else still bearish on this pair?

Ignored

Yes Bertie it might, we are already touching 1.46. Given the current bearish momentum it seems like the pound is being discarded off like a tooth gone bad.

BTW any weekly traders out there???

There sure are none, had there been any this trade was worth a show off...(refer to chart)

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I believe . . .

#15,296
Nov 13, 2008 1:47pm Nov 13, 2008 1:47pm

bundyraider
Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts

Quoting bundyraider

Disliked

U/J Pin looks good. Definitely would wait for the break of the high though with the current close sitting below all that fib. confluence.

20 Mins till close.

Ignored

For anyone watching this one. A good place to take profit and set rest to break even. (Mine was set 96.80. ...Next blue zone upwards on my original chart. Conf. with fib.)

I notice Rac gave an alternative entry signal too. Shows how universal the information can be over different timezones etc.

Bundy's status today: "Waiting..."